CIT Bank in Salt Lake City, Utah (UT)



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CIT Bank
GeneralFDIC Certificate #: 35575
Status: Active
Federal Reserve ID: 2950677
Bank Holding Company (Regulatory Top Holder): Cit Group Inc. (RSSDID: 1036967, Location: Livingston, NJ)
Date Established: October 20, 2000
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
FDIC's unique #: 82003
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: October 20, 2000
Last Structure Change Effective Date: January 20, 2010
Last Structure Change Process Date: January 20, 2010
Last Data Update: January 20, 2010
Data Source Date: April 05, 2012
LocationAddress: 2180 South 1300 East, Suite 250, Salt Lake City, UT 84106
County: Salt Lake
Quarterly Banking Profile Region: San Francisco
FDIC Geographic Region: San Francisco
FDIC Supervisory Region: San Francisco
FDIC Field Office: Salt Lake City
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: West
Metropolitan Statistical Area (MSA): Salt Lake City-Ogden, UT (#7160)
Combined Statistical Area (CSA): Salt Lake City-Ogden-Clearfield, UT (#482)
Core Based Statistical Area (CBSA): Salt Lake City, UT (#41620)
CBSA Metro Statistical Area: Salt Lake City, UT (#41620)
Financial SummaryTotal assets: $8,967.9 mil
Equity capital: $2,116.6 mil
Deposits held in domestic offices: $6,124.9 mil
Return on assets (ROA): 0.90% ($80.7 mil)
Quarterly return on assets: 0.55% ($49.3 mil)
Return on Equity (ROE): 3.46% ($73.2 mil)
Quarterly return on equity: 2.21% ($46.8 mil)
Net income: $67.2 mil
Quarterly Net income: $11.3 mil
Pretax return on assets: 1.51% ($135,415.2 mil)
Quarterly Pretax return on assets: 0.71% ($63,672.0 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)640
Total assets$8,967,893
Cash and due from depository institutions$2,407,610
Interest-bearing balances$2,394,458
Securities$197,546
Federal funds sold & reverse repurchase agreements$12,744
Net loans & leases$6,055,974
Loan loss allowance $49,023
Trading account assets$101
Bank premises and fixed assets$461
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$293,457
Life insurance assets$8,967,893
Total liabilities and capital$6,851,253
Total liabilities$6,124,883
Total deposits$6,122,289
Interest-bearing deposits$6,124,883
Deposits held in domestic offices$99
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $101
Trading liabilities$576,739
Other borrowed funds $0
Subordinated debt $149,530
All other liabilities $2,116,640
Total equity capital$2,116,640
Total bank equity capital$2,116,640
Perpetual preferred stock$0
Common stock$5,000
Surplus$1,943,084
Undivided profits $168,556
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $1,627,463
Income earned, not collected on loans $263,492
Earning assets $262,888
Long-term assets (5+ years) $70,077
Average Assets, year-to-date $8,660,722
Average Assets, quarterly $152,109
Volatile liabilities $7,465,194
Insider loans $8,250,778
FHLB advances $5,273,631
Loans and leases held for sale $8,190,945
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $2,024,785
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $1,343,765
Derivatives$0
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $272,665
Total interest expense $117,471
Net interest income $155,194
Provision for loan and lease losses $42,085
Total noninterest income $72,520
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $34
Additional noninterest income $72,486
Total noninterest expense $72,886
Salaries and employee benefits $37,891
Premises and equipment expense $5,869
Additional noninterest expense $29,126
Pre-tax net operating income $112,743
Securities gains (losses) $0
Applicable income taxes $45,514
Income before extraordinary items $67,229
Extraordinary gains - net $0
Net income attributable to bank $67,229
Net charge-offs $0
Cash dividends $67,229
Sale, conversion, retirement of capital stock, net $5,880
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets3.80%
Cost of funding earning assets 1.64%
Net interest margin 2.16%
Noninterest income to earning assets 1.01%
Noninterest expense to earning assets 1.02%
Net operating income to assets 0.90%
Return on assets (ROA) 0.90%
Pretax return on assets 1.51%
Return on equity (ROE) 3.46%
Retained earnings to average equity (YTD only) 3.46%
Net charge-offs to loans 0.10%
Credit loss provision to net charge-offs 715.73%
Efficiency ratio26.33%
Assets per employee$32,008
Cash dividends to net income (YTD only)14.01%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.80%
Noncurrent assets plus other real estate owned to assets 18.61%
Noncurrent loans to loans 2.94%
Net loans and leases to deposits4.32%
Net loans and leases to core deposits 98.87%
Equity capital to assets 854.72%
Core capital (leverage) ratio 23.60%
Tier 1 risk-based capital ratio 24.72%
Total risk-based capital ratio 38.39%
Memoranda
Average assets$39
Average earning assets$7,465,194
Average equity $1,941,214
Average loans $7,170,483
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1 Utah Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
082003Cit Bank2180 South 1300 East, Suite 250, Salt Lake City, UT 84106October 20, 2000Full Service Brick and Mortar
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